Many transactions engaged in by individuals on a daily basis involve using coin currency. Very rarely does a retail transaction involve a whole dollar amount, with no change in coins being exchanged. As a result, individuals are constantly either giving or receiving change in the form of heavy, bulky coins. Not only are coins heavy and bulky to carry, they are easily lost.
As a result, many individuals opt not to carry coins of any type; instead depositing the days accumulated change into a jar or bowl. This practice leads to the loss of significant value to an individual, since the value of change accumulated over the course of a week can easily amount to several dollars, and may be well over one hundred dollars over the course of a year.
One method to recapture this value is by rolling spare change and making a deposit at a local bank, or going to a coin counting machine. However, rolling change is time consuming, inaccurate and requires a minimum value of coins before it becomes worthwhile. Further, the use of coin counting machines usually involves a fee. In addition, the value of the coins is lost to the individual while waiting to obtain the critical mass necessary to make rolling the change or going to a coin machine worthwhile.
It would therefore be desirable to provide a system and method for eliminating the use of coin change in retail and other transactions. Such a system and method would be convenient and make the value of change readily available to be exploited.